I think you must not be reading my posts quite correctly. Land is property that has been previously taxed (there is no such ting as "new" land), and is therefore exempt from taxes. Structures built on that land can be taxable, but structures existing as of the NRST switchover date would be considered "previosuly taxed", and not subject to tax on resale.
However, the price of a new home would be taxable, minus the value of the land it sits upon. Example: I buy a new house for $200,000, the assessment says the land is worth $120,000, therefore only $80,000 is taxable.
Under Section 2(a) 16, "used property" is property on which (A) tax has been paid or (B) held for other than for a business purpose on 12/31/06. I quite agree that there is no such thing as "new land" (other than volcanic lava), but that doesn't seem to be the definition. If land is held for other than business purposes on 12/31/06, then it would be exempt under subsection (B). But if land was held for a business purpose, then it would seem to be taxed the next time that it is sold.